EcommerceBytes-NewsFlash, Number 3039 - April 09, 2013     2 of 4

PayPal Invests in Chile

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PayPal announced an investment in Chile. eBay's payments unit has teamed up with Multicaja, a leading Chilean payment network with 50,000 merchants, to help local businesses grow globally through a service called Retiros Multicaja.

The new service will allow Chilean businesses that accept international payments via PayPal to withdraw their funds directly into their local bank accounts.

Mario Mello, General Manager of PayPal Latin America, announced the new investment on the PayPal blog on Monday and said PayPal has opened up local offices in Mexico and Brazil, and has entered into partnerships in countries like Costa Rica.

"It's a dynamic region where we see significant opportunity to work with partners who can help grow the eCommerce industry locally as well as foster the region's participation in eCommerce on a global scale," Mello wrote.

He said Chile is an important Latin American market for PayPal, with 10 million Internet users, an eCommerce sector approaching 2 billion, and a strong culture of innovation. And he said PayPal would continue to work with Multicaja to expand opportunities not only for merchants, but also for consumers in Chile.

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to

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